GCE Economics 2024 Objective — Question 17

Question 17 of 50 from the General Certificate of Education (GCE) Economics 2024 Objective paper, with the correct answer and a full explanation.

At what price is excess supply equal to 25?

A. A. $10
B. B. $20
C. C. $30Correct
D. D. $40

Explanation

Excess supply implies that the quantity supplied is greater than the quantity demanded. At $30, the quantity supplied was 45 units and quantity demanded was 20 units. Therefore, there is excess supply of 25units i.e 45-20units.

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